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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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To: TimF who wrote (143697)10/28/2008 1:03:34 PM
From: Bill2 Recommendations  Read Replies (2) of 173976
 
At this point, some real numbers might be helpful.

A married person who has earned a taxable income (after deductions and exemptions) of $42,000 pays $3,892 in federal income tax plus $2,604 in social security plus $609 in medicare, for a total of $7,105. That's 17%.

On the other hand, a person who has earned a taxable income of $500,000 pays $144,969 in federal income tax plus $6,324 in social security and $7,250 in medicare, for a total of $158,543. That's 32%.

When Obama lets the Bush tax cuts expire in 2010, these rates will jump for both groups.
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